BlackRock Profit Grew 12% in First Quarter

BlackRock Inc. announced yesterday that its earning rose 12% in the first quarter.

The investment arm of PNC Financial Services Group Inc. reported net income of $35.3 million for the quarter, up 12% from the year earlier and 4% from the fourth quarter.

Its assets under management totaled $273.6 billion, up 15% from a year earlier and 0.3% from the fourth quarter. Since Jan. 1, fixed income, equity, and alternative investment assets grew by $11.3 billion, and liquid assets declined $10.5 billion, the company said.

Nuveen Investments also reported positive first-quarter earnings yesterday of $32.6 million, a 9% increase over the $30 million in the first quarter of 2002.

Nuveen Chairman Tim Schwertfeger attributed his company’s success to its commitment to long-term investing disciplines, its institutional clients and the firm’s relationship with financial advisers serving high-net-worth clients, particularly with Nuveen separate account portfolios.

Dow Jones Newswires attributed the two firms’ increases to their reliance on fixed-income, also noting that Back Rock and Nuveen are among the few financial service firms with positive reports for the quarter.

For reprint and licensing requests for this article, click here.
Money Management Executive
MORE FROM FINANCIAL PLANNING